With the recent launch of Takaful rules, 2012, the Securities and Exchange Commission Pakistan (SECP) has allowed conventional insurance companies to roll out Takaful, or Islamic insurance, products through window operations. Irked by the SECP’s move, existing Takaful operators went to court and got a restraining order over the implementation of the new rules from the Sindh High Court on August 2.
Takaful operators say, the decision to allow conventional insurance companies to launch Islamic products will “distort” the segment, as window operators will conduct the Takaful business “in a manner against the principles of Sharia”...............................................Full Article: Source